Travelex realizes GBP 90 mln refinancing deal

Monday 25 September 2023 14:39 CET | News

Travel money services business Travelex has completed a GBP 90 million refinancing deal to drive the next stage of its growth journey.


The GBP 90 million facility has been provided on a five-year term. It will be used to repay the existing GBP 50 million term loan facility, redeem GBP 12 million of the New Money Notes and stapled equity, and fuel future investments.

Travelex's retail division, comprising card and cash-based services, spans over 1,100 bureaux and 900 ATMs across 20+ countries. Concurrently, its wholesale banknotes segment caters to central banks and financial institutions globally. As international travel rebounds to 88.2% of pre-Covid levels and demand, especially in emerging markets, surges, Travelex is actively broadening its retail services, forging new wholesale partnerships, and boosting investments in digital transformation and innovative product development.

Travel money services business Travelex has completed a GBP 90 million refinancing deal to drive the next stage of its growth journey.

Recent expansion and financing for future growth

In addition to creating new jobs and opening new bureaus over since early 2022, Travelex has also recently launched a host of new products, including the retail FX industry’s first ATM click-and-collect product and a new automated currency kiosk at Heathrow, as well as expanding its pre-paid Travel Money Card in the UK and Japan.

Executives from Travelex said they are happy to have secured this financing, which is a considerable vote of confidence in both the business and their ambitions for the future. With travel having recovered and market indicators pointing to significant growth for the foreseeable future, this funding will enable Travelex to capitalise on the many opportunities this presents.

The refinancing marks a significant point in the group’s turnaround following the pandemic, company officials added. The funding provides certainty and the flexibility to target growth in a dynamic market.

PwC acted as financial advisor to Travelex.

What does Travelex do?

Founded in 1976 Travelex is a provider of foreign exchange products, solutions, and services, operating across the entire value chain of the foreign exchange industry in more than 20 countries. They have developed a growing network of ATMs and stores in some of the world’s international airports, major transport hubs, premium shopping malls, and city centres.

Travelex has built a growing online and mobile foreign exchange platform, and they also process and deliver foreign currency orders for major banks, travel agencies, supermarkets, and hotels worldwide. In addition, they source and distribute sizeable quantities of foreign currency banknotes for customers on a wholesale basis - including central banks and international financial institutions. They also offer a range of remittance and international money transfer products around the world.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: funding, expansion, FX , ATM, digitalisation
Categories: Payments & Commerce
Companies: Travelex
Countries: World
This article is part of category

Payments & Commerce


Discover all the Company news on Travelex and other articles related to Travelex in The Paypers News, Reports, and insights on the payments and fintech industry: